‍Important Dates:

• 30 June: End of the Financial Year
• 31 October: Deadline for lodging your tax return (for most individuals and small businesses)
• 15 May of the following year: Extended deadline for lodging your tax return if you use a registered tax agent

As an independent support provider, staying on top of your financial records is crucial, especially when the financial year comes to a close. Accurate and organised financial information not only simplifies your tax filing process but also ensures you can make informed decisions for your business. Here are the key steps to take when preparing your financial year information and getting it ready for your accountant.

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1. Gather All Income Records

Ensure that you have documented all your income sources. As an independent support provider, your income might come from various clients and projects. Check all your invoices and payment records to confirm they have been properly recorded in your accounting software, such as Bugal.

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2. Record All Expenses

Accurate expense tracking is essential for claiming deductions and understanding your profit margins. Collect receipts, bank statements, and any other documentation related to your business expenses. Make sure all expenses are categorised correctly because some expense categories may not necessarily be deductible.

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3. Reconcile Your Accounts

Reconciling your accounts ensures that your financial records match your bank statements. This step helps identify any discrepancies or missing transactions. Recording income when it was paid and expenses when they were incurred so that they match your bank statements is vital for good bookkeeping.

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4. Check for Unrecorded Income

It's vital to ensure that no income has been overlooked. Go through your bank statements and cross-reference with your information in Bugal to confirm that all payments received have been entered into the system. If you find any discrepancies, update your records accordingly.

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5. Review and Update Your Financial Records in Bugal

Before generating your tax report, double-check that all your financial records are up to date in Bugal. Make sure all invoices are marked as paid and all expenses are recorded accurately. This will ensure the information in your tax report is complete and correct.

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6. Generate the Tax Report in Bugal

Once you have verified that all your financial information is accurate and up to date, you can generate a tax report in Bugal. This report will summarise your receipted income and recorded expenses for the financial year. To generate the report:

• Navigate to the Reports section in Bugal.
• Select Last FY to generate the report for the previous financial year.
• Review the report to ensure all information is correct.

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7. Prepare Additional Documentation for Your Accountant

In addition to the tax report from Bugal, most accountants will request the following:

• Bank statements for the entire financial year.
• Any loan or financing agreements.
• Records of any assets, including shares, purchased or sold during the year.
• Details of any other financial transactions that might affect your taxes.
• Have copies of all invoices and receipts ready as not all Tax Accountants require them.

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8. Consult with Your Accountant

Meet with your accountant to discuss your financial records and address any questions they may have. They can provide advice on any additional steps needed to finalise your tax filing and offer strategies for tax savings and financial planning for the next year.

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Properly preparing your financial information for the end of the financial year not only ensures compliance with tax regulations but also helps you understand the financial health of your business. Using Bugal to keep your records organised and up to date will make the process smoother and give you peace of mind knowing that your finances are in order. By following these steps, you can confidently provide your accountant with all the necessary information, ensuring a stress-free tax season.

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